AFM280 Chapter Notes - Chapter 9: Decision-Making, Tacit Knowledge, Reinforcement

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM280
• Professor: Van Dijk Maarten

Document Summary

Learning: a relatively permanent change in an employee"s knowledge or skill that results from experience. Decision making: the process of generating and choosing from a set of alternatives to solve a problem. Expertise: the knowledge and skills that distinguish experts from novices. Types of knowledge: explicit knowledge: easily communicated and available to everyone, general information, tacit information: knowledge that employees can only learn through experience, majority of knowledge in organizations. Intuition, skills, beliefs, insight, etc: personal in nature, typically job or situation-specific. Learner focuses on critical behaviours exhibited by model: retention processes. Learner remembers the behaviours when the model is no longer present: production processes. Methods of decision making: programmed decisions: automatic because the decision maker"s knowledge allows them to recognize the situation and the course of action to be taken, experts who possess high levels of explicit and tacit knowledge.